Nine Business Expand With Low-Interest Pennsylvania Industrial Development Authority Loans
"The projects announced today through the Pennsylvania Industrial Development Authority are perfect examples of the public sector's support for private sector growth and job creation," said Pennsylvania Department of Community and Economic Development Secretary Dennis Davin. "The pro-business climate supported through Governor Wolf's proposals paired with the competitive rates currently offered through PIDA offer unprecedented circumstances for small business success in Pennsylvania."
PIDA loans included:
In Allegheny County, the Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $5,000,000, 15-year loan at 2.75 percent for the renovation of the former LTV Coke and Eliza Works Coke Plant located in Pittsburgh's Hazelwood neighborhood.
Funds will be used for building's environmental remediation, rehabilitation of the roof, interior, and the construction of a 60,000-square-foot building within the existing structure, which will become leasable flex-office space for small, growing technology-related industries. The project is the first phase of a three phase effort to develop the site and is considered a catalyst project for the overall development of a 178-acre industrial park. Total project cost is projected to be $25,250,635.
In Berks County, the Greater Berks Development Fund was awarded a $1,336,349, 15-year loan at 2.75 percent, on behalf of Targeted Solutions, LLC to construct a 31,400-square-foot addition onto its existing facility in Cumru Township.
The full-service direct mail company has been growing since it began operations in 2008. The new addition will accommodate Targeted Solutions' continued growth and allow for future expansion. The addition includes production space and office space. Total project cost is projected to be $2,672,698, and will create two new jobs and will retain 40 existing positions.
In Chester County, the Chester County Economic Development Council was awarded a $633,689, 15-year loan at 3.75 percent, on behalf Oakshire Mushroom Farm, Inc. to acquire a 23,300-square-foot building in Penn Township.
Oakshire, which grows, packages, and processes a variety of mushroom species, currently leases two properties for its shiitake log production and powder production plants. This project will allow the company to purchase one building to house both processes, allowing for better truck access and expansion of its shiitake mushroom production to meet customer demand. It will also allow the company to eliminate leased buildings and consolidate its entire operation to two buildings located within 10 miles of one another. Total project cost is projected to be $1,425,801, and will create 10 new jobs and will retain 12 existing positions.
In Columbia County, the SEDA-Council of Governments was awarded a $273,000, 15-year loan at 3.75 percent, on behalf of Rosalie Zaginaylo for the construction of a dairy barn in Briar Creek Township. Currently, Zaginaylo manages a small dairy operation on her father's 555-acre farm. She plans to purchase a 133-acre parcel and construct her own dairy barn, which at full capacity will hold 85 dairy cows. Total project cost is projected to be $873,000.
The SEDA-Council of Governments was also awarded a $199,950, 15-year loan at 2.25 percent, on behalf of Mechantech, Inc. and Ramcom LLC, to construct a 10,000-square-foot building in Locust Township. Mechantech specializes in the installation of satellites and dish communication systems throughout the United States. The new building will allow all company operations to be located in one facility to improve company efficiency. Total project cost is projected to be $508,211 and will retain 15 existing positions.
In Dauphin County, the Capital Region Economic Development Corporation was awarded a $673,440, 15-year loan at 2.75 percent, on behalf of Scratch Made Awesomeness, LP to acquire and renovate a 22,400-square-foot building in Swatara Township. This project will allow the company to expand its food preparations and commissary operations to produce more consistent products and enable larger production levels, which will cut down on time spent on products made from scratch in kitchens. The new building will also house the corporate headquarters for the franchising operations, and provide a storage and packing area. Two unrelated tenants will occupy 5,688 square feet of the project property. Total project cost is projected to be $1,735,819, and will create 14 new jobs while retaining seven existing positions.
In Lancaster County, the EDC Finance Corporation was awarded a $182,500, 15-year loan at 3.75 percent, on behalf of Revolution Builders, Inc. to purchase and renovate a 11,038-square-foot, mixed-use facility in the City of Lancaster. This project will allow the company, which provides building contractor services, to move from its leased space. The property has two additional commercial spaces and two residential apartments that will generate rental income. The total project cost is projected to be $425,000, and will create five new jobs while retaining five existing positions.
In Westmoreland County, the Southwestern Pennsylvania Corporation was awarded a $190,000, 15-year loan at 3.75 percent, on behalf of Quality Mould, Inc. for the purchase of real estate and machinery located in Unity Township. The project will allow the company, which manufactures molds primarily for the glass industry, to keep up with customer demand. The project includes a 21,614-square-foot building on 3.44-acres, warehouse racks, crane, compressors, and an air-drying system. Total project cost is projected to be $1,675,000, and will create three new jobs while retaining 23 existing positions.
In York County, The York County Economic Development Corporation was awarded a $1,525,000, 15-year loan at 2.75 percent, on behalf of L&W Apparel Co, Inc. for the construction of an 8,500-square-foot mezzanine in its existing warehouse area, the purchase of an adjacent one-acre property, and construction of a 28,600-square-foot addition in Penn Township. The addition will be used as a warehouse, and 15,000 square feet of the existing 20,000-square-foot warehouse area will be converted into manufacturing space. Total project cost is projected to be $3,050,000, and will create 20 new jobs while retaining 84 existing positions.
Supply Chain Bottlenecks Creating New “Logistical Hotspots”
The “Great Resignation” Is Impacting Corporate Relocations
Workforce Q4 2021
Changes in the Incentives Landscape
2020 Top States for Doing Business Showcase Their Pro-Business Environments
2021 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
How an International Business Can Enter the U.S. Market Via M&A